| Women, make sure you know the family finances
"Somebody should have knocked me on the head 40 years ago," said Kathylynn Holliday, 56, to other women at a finance seminar. It wasn't until Holliday's husband died that she learned how little she knew about managing her finances. She's not alone. Most people spend more time planning their next vacation than they do planning for retirement, and for women planning ahead is especially important. Women face challenges statistically that men don't. We still make less on average than men. We typically spend less time in the workforce, therefore accumulating less into our retirement. We also live longer. Women are three times more likely to be widowed and nine out of 10 women will be solely responsible for their finances at some point, said Scott Hughes, a regional marketing director for The Hartford Mutual Funds.
Graphic Packaging reveals exec. pay
Graphic Packaging Corp., which had a $100 million loss in 2006, paid its CEO about $5.3 million in total compensation last year. According to a proxy filing, the Marietta, Ga.-based paperboard packaging company (NYSE: GPK) paid President and CEO Stephen Humphrey a salary of about $1.1 million; $2.6 million in stock awards; about $1.1 million in nonequity incentive plan compensation; and $213,516 in "other compensation," which includes $196,500 for the amount of interest that would have been paid on a $5 million non-interest bearing loan made to Humphrey had such loan borne interest at 3.93 percent per annum, the applicable federal rate on the date when the loan was extended, plus a gift of appreciation upon retirement from the board of directors (and related tax gross-up), club dues and costs for tax preparation and estate planning services.
Young people 'are not saving for retirement'
Young people from the UK are unlikely to be able to afford to retire to the sun unless there is a fundamental shift in the way they plan their savings, new research suggests.According to Equifax, the instant online credit information provider, just 25 per cent of people aged between 18 and 25 have begun saving for their retirement.In contrast, 50 per cent of the age group already have short-term debts of over £5,000 and 33 per cent have a mortgage which is five times their salary."It looks like young people simply aren't thinking about their financial future - even ten or 15 years hence, let alone their retirement," warned Neil Munroe, the external affairs director at Equifax.Mr Munroe added that this lack of pension planning was already becoming visible is older generations, with 32 per cent of people aged between 41 and 50 saying they were unsure they had saved enough to retire comfortably, perhaps abroad."Even more worrying is the 25 per cent of 51 to 60 year olds with a pension who say they won't have enough for a comfortable retirement," he added."Many people in their later years are looking at a bleak retirement and this should serve as a cautionary tale for young people who continue to build up debts without putting anything aside."Recent research from unbiased.co.uk found that people are becoming increasingly keen to consult independent financial advisors about their pensions, in order to ensure they save enough to comfortable retire abroad in the future.18th April 2007© Adfero Ltd .
Speaker promotes HB 444
OSAGE BEACH - Missouri House Speaker Rod Jetton made a quick pass through the lake area yesterday to talk to senior citizens about House Bill 444, which would eliminate state income tax on Social Security benefits.Jetton, R-Marble Hill, said HB 444 would benefit singles who earn more than $25,000 annual income and couples who earn a combined $32,000 income. Those senior citizens and disabled persons receiving Social Security and earning less than those amounts already do not have to pay the state income tax.'It's just not fair to tax the same income twice,' he said at a discussion held at Central Bank in Osage Beach. .
GE Life rebrands as 'Tomorrow'
The brand name, which it is adopting with immediate effect, follows the firms acquisition by Swiss Re of the GE Life group of companies. Spokesperson Kirsty Macpherson says: We wanted to change to a name that expressed the importance of the products that we offer and what they represent. We are here to help people make the best possible financial plans for retirement to ensure income in later life, so Tomorrow is the perfect choice. The acquisition by Swiss Re gave us an exciting opportunity to rename the group to reflect our core business. Tomorrow also says it is set to unveil a new brand identity. Macpherson adds: Tomorrow will be a vibrant business, building on the successes of the past. With a history dating back to 1896, we have demonstrated our dedication to the market and to our customers through innovations such as enhanced annuities and Income Drawdown.
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